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Monday, September 16, 2019

SOREIDE LAW GROUP: Customer alleges First Allied Sold Unsuitable Alternative Investments

By Press release submission | Jul 29, 2018


Soreide Law Group issued the following announcement on July 26.

Douglas Keith Hyer, who has been registered representative of First Allied Securities, Inc. since January 31, 2013, disclosed on FINRA BrokerCheck that he has been named in customer-initiated-related written complaint date April 21, 2018, in which the First Allied Securities customer alleged that Hyer put the customer in alternative investments that were not suitable for the customer, and made misrepresentations in reference to the liquidity of those products. The Firm believes that the customer is seeking in excess of $5,000.00 in damages.

Hyer has disclosed on FINRA BrokerCheck that he has been identified in at least three more customer disputed where customers have collectively alleged churning and unsuitability. Namely:

-On March 22, 2001, a written complaint was filed by a customer alleging that a mutual fund purchase was not suitable for the customer given the customer’s investment objective. Douglas Keith Hyer apparently employed by Linsco/Private Ledger Corp. at the time. The customer alleged $7,000.00 in damages.

-On May 24, 2004, a customer brought a complaint alleging suitability in reference to mutual funds trades placed in the customer’s account when Hyer was employed by Raymond James Financial Services, Inc.

-On February 3, 2010, a customer arbitration was filed alleging that when Hyer was a registered representative of Cambridge Investment Research, Inc. he placed the customer in unsuitable mutual funds and churned the customer’s account. The customer settled the matter for $190,000.00 in damages.

Original source can be found here.

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